In this paper, a comparative study is done on the geochemical charateristics of REE in ore, ore hosted rocks of Lantian group, granite related to ore deposit, and altered rocks for tracing origin of ore forming materials. The result indicates that the ore forming fluid and ore forming materials for Xikeng silver polymetallic ore deposit were derived from Yixian granite's magmatic activity. Water rock reaction of the hydrothermal fluid with the carbonate rich stratum led the altered rock to relatively enrich in HREE.